THE NEXT BIG THING MIGHT BE DECENTRALIZED SPACE STORAGE

November 8, 2021 Blockchain

Although Bitcoin’s prominence helped to illustrate blockchain’s use in banking, entrepreneurs have come to feel the technology has the potential to alter a wide range of sectors

Blockchain and finance are only the tip of the iceberg. Banks are important value storehouses and transfer hubs from a macro perspective

Blockchain technology, which started as the foundation for cryptocurrencies like Bitcoin and is now expanding across a slew of sectors, is simply a virtual ledger capable of recording and validating a large volume of digital transactions. Despite declining from a record high in 2018, annual financing to blockchain firms more than quadrupled in 2020 vs 2017. According to CB Insights’ Market Sizing Tool, annual spending on blockchain solutions will reach approximately $16 billion by 2023. Blockchain is being used in a variety of industries, including insurance, gambling, and cannabis.

Although Bitcoin’s prominence helped to illustrate blockchain’s use in banking, entrepreneurs have come to feel the technology has the potential to alter a wide range of sectors. Finally, the applications for a transparent, verifiable register of transaction data are almost limitless especially since blockchains function on a decentralized platform with no need for central oversight, making them fraud-resistant. Companies are raising awareness of blockchain technology in fields ranging from infrastructure to public policy as they utilize it to achieve more openness and authenticity across the digital information ecosystem. Here are some of the most cutting-edge ways businesses are utilizing blockchain technology.